Anant Raj's Q2 profit rises 13% to ₹156 crore as data-centre income grows

Anant Raj Limited reported a 13.25% rise in consolidated profit after tax to ₹156.49 crore for the second quarter of FY27, according to its results, which were reported on 28 October 2026. Revenue from operations, including data-centre income, rose 4.87% year on year to ₹661.53 crore.

EBITDA was ₹215.37 crore, a margin of 31.72%. Profit before tax was ₹187.78 crore, up 14.20%. The PAT margin for the quarter was 23.05%. The results were lodged with the National Stock Exchange.

Profit growing faster than revenue

Profit grew about three times as fast as revenue in the quarter, which points to better margins on the existing business rather than a large jump in sales. An investor-day summary, which is not a primary filing, put the first quarter of FY27 at revenue of ₹631.4 crore and PAT of ₹149.2 crore, up 18.5% year on year. Profit growth was therefore slower in the second quarter than in the first, though PAT rose sequentially.

Managing director Amit Sarin said that the real estate and infrastructure business and the data-centre and cloud services business "have evolved into two distinct platforms, each with its own growth trajectory, operational priorities, and capital needs."

Credit rating: the latest action is a watch

Infomerics Valuation and Rating Ltd, a SEBI-registered and RBI-accredited credit rating agency, raised the rating on Anant Raj's bank facilities of ₹351 crore on 14 January 2026. The long-term rating moved from IVR BBB/Stable to IVR A-/Stable on ₹272 crore of facilities. The short-term rating of ₹79 crore moved to IVR A2+ from IVR A3+. The company informed stock exchanges of the revision on the same day.

The agency cited a significant improvement in the scale of operations and profitability, a comfortable capital structure, stronger debt protection metrics, and prepayment of debt. Its stated risks included execution and sales risk in real estate projects, working capital intensity, exposure to real estate cyclicality and regulatory risk, and concentration of projects and tenants.

On 5 May 2026, the agency's press release placed the long-term rating of ₹351 crore at IVR A-/Watch with Developing Implication, and the short-term rating at IVR A2+/Watch with Developing Implication. A watch placement means the agency is reviewing the rating and may revise it. A developing implication means the direction will depend on how events unfold. The May release is the most recent rating action on record for the company that we can tie to the agency.

Demerger and data-centre build-out

On 21 July 2026, the board approved a demerger that would split the company into two focused listed companies. One will hold the real estate and infrastructure business. The other will offer cloud and data-centre services, and its cloud arm is named Ashok Cloud Private Limited.

The company had 28 MW of operational data-centre capacity by FY26, with 21 MW at Manesar and 7 MW at Panchkula. Its first-quarter FY27 presentation targeted 63 MW of IT load capacity by the end of FY27. The company entered data centres in September 2023 with a plan to invest ₹10,000 crore to develop up to 300 MW. It has also set up an outreach in Singapore and signed an MoU with the Haryana Government to speed up adoption of its data-centre and cloud services.

The Estate One and the developer's base

The results material also referred to The Estate One, a 4 BHK project in Sector 63A on Golf Course Extension Road, Gurugram, with about 1.22 million sq ft of built-up area and a stated launch date of 20 August 2026. The developer's project page describes 248 bespoke 4 BHK residences across four towers. The company's timetable for sales beyond the launch date has not been disclosed. Buyers should check the project's registration details on the Haryana RERA portal before relying on any figures.

Anant Raj has been in business since 1969 and works across residential townships, commercial and hospitality assets, group housing, malls and offices, data centres and cloud services in the North Capital Region. Its completed projects include the first phase of an IT SEZ at Rai, Sonepat, covering 2.1 million sq ft over 25 acres.

For investors, the next checkpoints are the outcome of the rating watch, the effective date of the demerger, and whether data-centre capacity reaches the 63 MW target for FY27. The pace of sales at The Estate One will show how the core real estate business is performing alongside them.